The Florida Prepaid College Board is urging families to lock in the future cost of college with a Florida 529 Prepaid Plan. The program is the largest and the longest-running prepaid college program in the nation, and for the first time ever it is offering families an incentive for enrollment.
Families that enroll in a Prepaid Plan prior to April 30, 2022, will earn a bonus that can be used toward additional college expenses. For each year of college or university Prepaid Plan purchased, Florida Prepaid will put $125 into a Florida 529 Savings Plan, up to $500.
鈥淲e really value the investment that families are making in their children, and we want to be part of that journey,鈥� Florida Prepaid College Board spokesperson Shannon Colavecchio said. 鈥淎nd it鈥檚 really our way of saying thank you, and that we just absolutely encourage this saving early and doing this for our children.鈥�
All Prepaid Plans are guaranteed by the State of Florida, so families will never lose their investment. If a child attends an out-of-state or private college, Florida Prepaid will pay the same amount as it would pay at a public college or university in Florida. Families can choose from five prepaid tuition plans, as well as the optional prepaid dormitory plan, and a child has up to 10 years after high school graduation to use the plan.
鈥淚 often say that one of the most important and yet intangible benefits of Florida Prepaid and saving for college early is the message that you are sending to a child,鈥� Colavecchio said. 鈥淩esearch shows that children with even a small amount of college savings are two and a half times more likely to attend and graduate from college.鈥�
Nick Pugliese started Florida Prepaid Plans for both of his daughters just a few months after they were born. He said he encourages people to do their own research, but he does not hesitate to promote the plan to parents.
鈥淭o me, it鈥檚 a no brainer, you basically lock in your children as soon as they鈥檙e born, and you pay a very small amount,鈥� he said. 鈥淔or me, I don鈥檛 see any negatives. I think it鈥檚 a good program, it鈥檚 really helped our daughters out.鈥�
Pugliese鈥檚 eldest daughter, Tori, is a sophomore at Florida Gulf Coast University. She received several college scholarships, but she was able to dedicate those funds to things like textbooks and housing costs. She said that having the plan has been a relief.
鈥淚 am very grateful, it really didn鈥檛 hit me how grateful and like how great of an idea it was until senior year when I was starting to apply for schools,鈥� she said. 鈥淭wo years in, it鈥檚 kind of like, yeah, that that was a really great opportunity that my parents took. And I鈥檓 very glad that they did go with the program.鈥�
Open Enrollment for Florida Prepaid ends on April 30, and it is the only annual window when families can lock in future tuition costs at today鈥檚 plan prices.
鈥淭he big key here is the tuition,鈥� Pugliese said. 鈥淭he tuition Tory is paying was the tuition that the state university was charging back in 2002, the year she was born.鈥�
This year, families can purchase a 4-Year Florida University Plan for a newborn for as low as $181 a month or a 2-Year Florida College Plan for just $54 a month. In addition to other plan options, the Board offers a 1-Year Florida University Plan which starts as low as $45 per month and covers 30 university credit hours. Multiple family members can purchase a 1-Year Florida University Plan for the same child, sharing the cost of saving for college.
鈥淲e have an open enrollment window each year, and during that window, we set the pricing for each of our five different plans and a dorm plan,鈥� Colavecchio said. 鈥淪o, when you set up that plan, your pricing will never go up each month.鈥�
Colavecchio said that even if the state finds that tuition has suddenly skyrocketed, families have the guarantee that no matter what, Florida Prepaid will cover the cost of tuition when it鈥檚 time for their children to go to college.
鈥淭his really is a way for families to essentially make themselves immune to inflation, when it comes to college and university tuition in Florida,鈥� she said.
Families can use the online Prepaid Plan to determine what the various plans cost based on a child鈥檚 age, as well as explore the different payment options available and learn more about the incentives. To learn more, visit .
Copyright 2022 WMFE. To see more, visit .
